Why we sold $543.6m to Nigerian banks – CBN

The Central Bank of Nigeria said it sold $543.6 million to authorized dealer banks at the Nigerian Foreign Exchange Market between 06 and 30 September 2024.

CBN disclosed this in a statement at the weekend detailing the breakdown of the FX interventions.

According to the statement signed by CBN Director of Financial Marketers Departments, Omolara Duke, the FX sales conducted during the period under review was to reduce the FX volatility driven by demand high for commodity importations and seasonal demand.

The apex bank noted that FX was sold between N1530 and N1580 per dollar rate to legible dealer banks in September 2024.

“The FX spot sawere was to reduce the observed volatility driven by demand high for commodity importations and seasonal demand.

“The Central Bank of Nigeria will continue to facilitate the supply of FX into the Nigerian Foreign Exchange Market as part of its holistic FX management strategy,” it said.

Naira closed September at N1541.94 and N1700 per dollar at official and parallel foreign exchange markets.

However, Naira stood at N1631.21 and N1670 per dollar at the close of work on Friday, October